Proof of Poor Performance

Bankable choice: Cordisco is the Democrats’ best for treasurer

Sunday, April 06, 2008

Pittsburgh Post-Gazette

Pennsylvania’s treasurer is the custodian of funds for virtually all state agencies and is responsible for the receipt, investment and disbursement of billions of dollars.

With an annual budget of $60 million and a staff of more than 500 employees, it would be logical if this position were an appointed one. But the voters get to choose, and in the past their taste has run to electing treasurers who are more politicians than financial experts.

The Democratic field for the April 22 primary offers different models of would-be treasurers — politician, ex-politician or nonpoliticians with varying degrees of financial knowledge. Acting Treasurer Robin L. Wiessmann, chosen to succeed Bob Casey after he was elected to the U.S. Senate, is not in the race. Republican Tom Ellis of Montgomery County is running unopposed.

Four Democrats are seeking their party’s nomination. Dennis Morrison-Wesley, 58, is best known in Philadelphia, but now lives in Harrisburg, where he is a financial consultant. He has never held public office.

Jennifer Mann, 38, of Allentown, has been in the state House for a decade and has been talked about as a future leader. A graduate of Lehigh University, she has been a member of the House Finance Committee since coming to Harrisburg. Ms. Mann impressed the Post-Gazette editorial board, although her qualifications are not as great as others.

Rob McCord, 49, of Bryn Mawr, certainly has credentials: a bachelor’s degree from Harvard, an MBA from the Wharton School and 14 years as a financial executive managing over $1 billion in assets. Although he has never held public office, he did work in politically related jobs as an aide in Washington, D.C. The problem with Mr. McCord is that he may be too close to the financial world, as evidenced by its heavy investment in his campaign war chest.

That shouldn’t be a problem for John Cordisco, 53, of New Hope. Starting out as a steel worker, Mr. Cordisco was elected to the school board at 22 and the Legislature at 25, where he served six years. While he was working, he earned an undergraduate degree from Rider College and a law degree from Temple University. He went on to establish a law firm and, in 2005, he helped found Team Capital Bank.

Mr. Cordisco is well-rounded. His time as a legislator gives him a working knowledge of government, but he also knows the law and the financial world. We endorse John Cordisco for the Democratic nomination.

As a candidate for the office of Treasurer for the Commonwealth of Pennsylvania, I pledge that I will not accept any campaign contributions from private equity or venture capitalists, or their direct beneficiaries.
 
I believe that acceptance of these contributions from the very people I will be charged with selecting and managing stands as a clear conflict of interest for the Treasurer of Pennsylvania, who sits directly on the Board of Trustees of both the Pennsylvania State Employees’ Retirement System (SERS) and the Public School Employees’ Retirement System (PSERS). These investments affect the lives of hundreds of thousands of state employees and teachers and should be free from pay-for-play or the seeming implication of such.
 
I further pledge that my administration will usher in a new era of transparency for the Commonwealth’s private equity and venture capital investments. As Treasurer of the Commonwealth, I pledge that my administration will provide better public disclosure of specific private equity and venture capital fund performance on an easy to use web site, providing the public and the media full accountability and visibility into our investment results. I also pledge to make public the information about each fund’s investment in the Commonwealth of Pennsylvania and the impact on our employment, so that the public and press can readily determine whether the Commonwealth’s own investments are sacrificing or creating job opportunities for our workers and citizens.

 
 Signed:

This will be the best place to visit over the next few months to find out what is going on with the campaign, what events I am attending and to hear about all the support we are gathering across Pennsylvania.

Over the next year, I will travel throughout Pennsylvania talking about my experience and priorities as Pennsylvania’s next Treasurer. I have spent over 30 years of my life as an active member of the Pennsylvania Democratic Party. I have been a school board member, a state legislator and now the Bucks County Party Chairman. I have invested my life in building the Democratic Party. I also have run my own business, started my own company and now serve on a regional bank board. These experiences make me uniquely qualified to serve as Pennsylvania’s next Treasurer. As Pennsylvania’s next Treasurer, I am going to build upon now Senator Casey’s legacy and continue to transform the lives of Pennsylvania’s citizens.

I am committed to expanding Senator Casey’s innovative Keystone Green program that has already helped improve the environment within Pennsylvania. I am committed to expanding Senator Casey’s Hospital Loan Enhancement Program, which has expanded both the access and availability of health care. Finally, I am committed to Senator Casey’s focus on using the Treasurer’s office as a proactive force in economic growth and job creation. We need a real Democrat that will fulfill Senator Casey’s legacy and stand up for the citizens of the Commonwealth.

Over the next few months check back often as this site will be continually growing.  Sign up for e-mail updates so that I can keep you up-to-date on my trips across Pennsylvania as people continue to endorse my candidacy for Treasurer.

Sincerely,

John Cordisco